Celebrated financial blogger Max Keiser is fond of saying that the nine scariest words in the English language are “I’m from JP Morgan, and I’m here to help you.” He’s probably right, but did you know they are the main partner bank for the UK Post Office? No, I didn’t either.
The reality is that JP Morgan (Europe) handles all the welfare payment transmissions for the Post Office. (They’re into this welfare shtick in a big way in the States as well). So JPM has all the details of how much money HMG pays out in welfare benefits, and all the people on the recipients’ database. Continue reading